• Denis Desautels has been appointed chair of
the Canadian Accounting Standards Oversight
Council (AcSOC) for a two-year term ending 31 March 2012.
Desautels is currently the AcSOC corporate director and was the
former auditor general of Canada.
Kevin Nye has been appointed vice-president of
the AcSOC for a three-year term from 2010 to 2013. Nye is currently
the senior vice-president of enterprise risk policy and portfolio
management at the Royal Bank of Canada.
• The US Government
Accountability Office (GAO), a government watchdog, is
concerned the proposed risk assessment standards from the
Public Company Accounting Oversight Board (PCAOB)
could create confusion among auditors and drive up audit costs for
accounting firms and their clients.
The GAO’s main concern is the approach the
PCAOB uses to update interim standards. The GAO said that by
revising or supplementing certain core interim standards with new
standards developed by the PCAOB, duplication and inconsistencies
between its standards and those of other independent auditing
standard-setting organisations could occur.
• Accounting recruitment and
general business confidence in the US is increasing, according to
recruiter Robert Half International. A poll of 4,000 US executives
found 10% plan to increase the number of full-time employees they
hire in professional occupations, including accountants, in the
second quarter of 2010.
• The contract for the
administration of the CPA examination in the US has been extended
until 2024. The examination is jointly administered by the
American Institute of Certified Public
Accountants, the National Association of State
Boards of Accountancy and testing company
The current contract has been in place for six
years and was due to expire in 2014.
• US executives want to be
able to adopt IFRS early once the Securities and Exchange
Commission (SEC) has decided to require or permit US
companies to use the international standards, according to a recent
survey by KPMG’s IFRS Institute. The poll, which
was held during a webcast attended by more than 2,500 executives,
found that while the uncertainty over the SEC’s decision lingers,
firms will not slow their IFRS conversion activities. Regarding
IFRS adoption overall, less than half the respondents thought the
SEC should adopt IFRS, while 22% said it should not. The remaining
36% were undecided.
• Michael Granof, an Ernst
& Young Distinguished Centennial Professor at the McCombs
School of Business at the University of Texas, has been selected by
the Financial Accounting Foundation to join the US
Governmental Accounting Standards Board (GASB) in
July. He will succeed William Holder.